Best Ways to Send Money to Your Child in College

Those of us who are parents to young adult children in college know that while our "kids" like to think they are independent, in many ways they are still dependent on Mom and Dad, particularly when it comes to money. Though they may be out of the home, it's not all that unusual to receive a phone call or email with a desperate plea for money.

Assuming that you want to send money when requested to do so (at least some of the time), here are a few ways to send money to your child in college.

Send Money to Your Child in College Using a Prepaid Credit Card

A prepaid credit card is a great way to send money to your child in college because it provides the safety and conveniences of a credit card without concerns of your child racking up a bunch of debt.

Purchase a prepaid credit card and load it with whatever amount of money you deem appropriate and send it to your child in college. He may use it the same way a debit or credit card can be used. For instance, he may use the prepaid card to withdraw money from an ATM machine or he may use it to purchase books at the college bookstore, to pay tuition, buy groceries, or go out to a movie with friends.

Prepaid cards may be used anywhere Visa and MasterCard is used, assuming you get a prepaid Visa or MasterCard. The biggest difference with a prepaid card and a regular credit card is that when the money is gone, the card no longer works.

You may add additional funds to a prepaid card online, so this is a very convenient way to send money to your child in college on an as needed basis.

Send Money to Your Child in College Using PayPal

PayPal is another great way to send money to your child in college. You will both need free PayPal accounts that are linked to bank accounts. Money can be transferred from one PayPal account to another free of charge. Once you send money via PayPal to your child in college, she will need to transfer the money to her bank account. This process takes three to five business days.

Although PayPal can be used free of charge, if you want to be able to use a credit or debit card to send money to your child, your child will need a Premier account. The Premier PayPal account itself doesn't cost any money, but there will be a small fee for each transaction. The good news is, a Premier PayPal account can be tied to a PayPal debit card. This is helpful if you want money to be available immediately because as soon as you send the money it will be immediately available on the debit card and your college-aged child will have immediate access to the funds.

Send Money to Your Child in College Using Western Union

Western Union is an old but good option for sending cash. The up side is that money can be sent in minutes to numerous authorized Western Union agencies worldwide. Most likely both you and your son or daughter in college have an authorized Western Union agency nearby, so this is a convenient way to send cash fast.

The bad news is that there is often a hefty fee charged for sending money via Western Union. For example, it cost $543.99 to send $500 from the U.S. to another location in the U.S. This is a very steep price compared to the other options, but it can come in handy in case of emergency.

Thankfully long gone are the days when a college student has to wait by the mailbox for a check from mom and dad. The options given above provide a great way for you to help out your young adult children until they are more fully able to provide for themselves.